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HVAC distributor Watsco, Inc. (NYSE: WSO, Paris: WSO) and air conditioning product manufacturer Carrier Corp., a unit of United Technologies Corp. (NYSE: UTX), have announced a joint venture agreement to distribute Carrier, Bryant and Payne brand products in the northeast U.S.
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Following the transaction, Watsco will own 60 percent of the joint venture, with Carrier owning the remaining 40 percent.
Carrier's company-operated northeast distribution network had revenues of $210 million in 2010, with 230 employees in 28 locations. Watsco has also agreed to contribute its northeastern locations, with 2010 revenues of $60 million, to the joint venture.
Watsco and Carrier formed a joint venture – Carrier Enterprises LLC – in 2009 in 20 states of the U.S. Sunbelt, Puerto Rico, the Caribbean and Latin America.
"Carrier Enterprise's performance has exceeded our expectations with sales growth outpacing the industry. The new joint venture in the northeast will build on this success to further grow share and profitability," said Geraud Darnis, president of Carrier Corp.